Tel: 0141 222 2259 Fax: 0141 222 2565 Email:

25 July 2017


Benefits of Credit Union savings

  • A simple, flexible and easy to access savings account
  • An ideal way to save straight from your Co-operative wage
  • Direct access by cheque or bank transfer
  • Fully secure and covered by free life insurance
  • Rewarded by annual interest
  • Entitles you to vote at the AGM so as a member you can have a say in how the Credit Union is run

“It helps me save, I did not before I joined”
“It must be the easiest way to save”
“I love getting surprised by how much I have saved”

Frequently Asked Questions (Savings)

Do I have to save?

Yes, all members must save by regular payroll deduction, but the minimum deposit is just £5 per payday and the minimum balance to keep your account open is just £1.

Do I have instant access?

Yes, if you don’t have a loan your savings are available to withdraw at any time.

Can I access my savings if I have a loan?

Yes, unlike most other Credit Unions, if your savings balance is more than one third of the loan balance then you can withdraw savings up to this value.

How do I access my savings?

Written confirmation is required by e-mail, fax, letter through the post or by using our interactive web-site.

How are my savings paid back to me?

By cheque through the post to home or work, or by transfer to your bank account.

How often can I access my savings?

The main reason for Credit Union membership is to build up savings over time through regular deposits.  Our role is to encourage thrift amongst the membership.  Although we have no fixed rule to limit access, the savings account should not be used as a current account and members will be contacted should withdrawals become noticeably frequent.  In the event that administering regular withdrawals becomes too costly to the membership as a whole, members would be advised to reduce the amount they pay in to a more affordable amount.

Are my savings safe?

Yes, all savings up to £85,000 are guaranteed by the Financial Services Compensation Scheme, just like the banks. So in the very unlikely event of financial collapse your savings would be fully refunded.

How much interest will I earn?

The interest rate is decided at the Annual General Meeting following an audit of the year– end profit. As a guide the rate for the previous five years is as follows: (Gross)

2010 - 2.0%   2011 - 2.0%  2012 - 2.0%   2013 - 2.5%   2014 - 2.0%  2015 - 2.0%


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VALUE Credit Union | 5th Floor, 52 St Enoch Square, Glasgow, G1 4AA | Tel: 0141 222 2259 | Fax: 0141 222 2565 | Email:
Value Credit Union (213959) is authorised by the Prudential Regulation Authority. Regulated by the Financial Conduct Authority & Prudential Regulation Authority.